DOGE - new trend in 2024
Updated
On a weekly perspective the price closed the first time above the 10/20 & 60 weekly HMA after consolidating for several weeks/month.
A new Trend is formed and when correct price should start to expand soon. Ideally this week.
Hard to tell how high it will go but a 1:1 extension of the current accumulation range is a solid first target.
It will be important to track the daily and weekly hull moving average formation (HMA) in order to detect weakening momentum.
A new Trend is formed and when correct price should start to expand soon. Ideally this week.
Hard to tell how high it will go but a 1:1 extension of the current accumulation range is a solid first target.
It will be important to track the daily and weekly hull moving average formation (HMA) in order to detect weakening momentum.
Comment
1:1 Extension Target got hit weekly bearish divergence initiated the correction. the weekly close below the 8HMA was an other sign to take profits.
Observe how significant the bearish 8 & 20 HMA Cross is on the daily timefram- especially if we have inefficient price action below.
I look for an reentry once the 10/20 HMA create a bullish cross on the daily. (Weekly trend is still bullish due to 60DHMA Cross)
The bearish cross was always followed by 2-3 bearish daily candles.
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